Laserfiche WebLink
MEETING OF THE EDA FINANCE COMMITTEE <br />HELD AT THE ELK RIVER CITY HALL <br />TUESDAY, JANUARY 8, 2008 <br />Members Present: Chris Carlson, Cliff Lundberg, Paul Motin, Tom McNair, Larry Toth, <br />Dave Rymanowski and Dan Tveite <br />Members Absent: None <br />Staff Present: Director of Economic Development Catherine Mehelich, Finance Director Tim <br />Simon <br />1. Accept July 25, 2007 EDA Finance Committee Minutes <br />The July 25, 2007 EDA Finance Committee Minutes were accepted. <br />2. Micro Loan Fund Balance Sheet and Portfolio Report <br />Director of Economic Development Catherine Mehelich reviewed the Micro Loan Fund Balance <br />Sheet. She reported that the fund has an unaudited cash balance in the amount of $948,982.36 and <br />there are currently eight micro loans that remain active and receivable. <br />Consider Micro Loan Application: Waterfall Salon & Day Spa <br />Ms. Mehelich summarized the $25,000 FDA Micro Loan application from Michael Scheeval of <br />Waterfall Salon & Day Spa that was recei~-ed the last week in December 2007. This application is <br />the second Downtown Business Revitalization Loan Program application received in the past year <br />the program has been available. She provided an overview>of how the program was developed and <br />approved by the EDA and City Council in November of 2006: The primary purpose of the <br />program is to offer existing downtown business owners in the Downtown District ashort-term, <br />low interest operating loan that-could be used toward working capital, cash flow, business <br />sustainability and capital expenditures. <br />Applicant Michael Scheeval was in attendance and provided a brief history and answered questions <br />from the Coz~~mittee. He stated that he moved to Elk River with his business in 2001 prior to the <br />ne~~- downtown construction, <br />MOVED BY DAN TVEITE AND SECONDED BY CLIFF LUNDBERG, THE <br />FINANCE COMMITTEE RECOMMENDS THAT THE EDA CONSIDER <br />APPROVING THE LOAN REQUEST TO WATERFALL SALON & DAY SPA WITH <br />THE FOLLOWING TERMS: <br />RATE 3% FIXED <br />TERM 2 YEARS <br />SECURITY PERSONAL GUARANTEE <br />STRUCTURE DIRECT LOAN FROM EDA <br />THE MOTION CARRIED 7-0. <br />4. Consider Micro Loan Application: Nicole's Finishing Touch Salon <br />Ms. Mehelich summarized the $25,000 EDA Micro Loan application from Nicole Fox of Nicole's <br />Finishing Touch Salon that was received the last week of December 2007. She distributed to the <br />